First privacy, then profit.
“[B]usinesses are beginning to recognize that they must reform their operations to prioritize data trust by centralizing consumer privacy, data evaluations and the risks of compromising breaches. According to a recently released PwC Digital Trust Insights survey, 60% of American businesses would sacrifice profit to strengthen their privacy protections. Companies that maximize the value of their data in a secure, ethical and compliant way will be best positioned to prevail over their competitors while preserving their long-term brand value.”
“Other research has shown that companies that take data privacy seriously and successfully protect consumer privacy yield improved customer loyalty. For example, 71% of Americans would be less inclined to join a rewards program that collected private information and 76% of Americans said they would be more likely to sign up for a program that required only their name and phone number.”